On 1 April 2019, the Estonian Tax and Customs Board released a translation of the Tax Information Exchange Act (Link). The Act went into force on 15 March 2019 and provides for the rights and obligations relating to the Common Reporting Standard (“CRS”) in Chapter 1. Chapter 2 relates to the Foreign Account Tax Compliance Act (“FATCA”).
Regarding Estonia, one should also keep in mind, that recently circulating letters with the headline “FATCA NOTICE” from the “U.S. Compliance Department” are not official communication from the Internal Revenue Service in the U.S. (“IRS”). Recently, Estonian companies have reported receiving letters on the Foreign Account Tax Compliance Act (“FATCA”) which appear to be sent by the “U.S. Compliance Department”. Most of the letters require contacting an indicated phone number. Upon request from the Estonian Government, the IRS confirmed that they have not sent such letters.
The Tax and Customs Board in Estonia now requests not to react to such letters, but to send a copy of the letter to email@example.com.
More information on FATCA in Estonia can be found on the Estonian FATCA information webpage (Link-Estonian).